This report analyses if the value of Australian firms has been affected by fluctuations in Australian dollar since de-regulation in 1983, by specifically considering a number of listed Australian companies. Practitioners have concluded that exchange rates are typically four times as volatile as interest rates. Despite the extensive bank of studies on the relationship between interest rates and firm value, the association between exchange rates and the value of the firm has not been subject to much empirical research. Overall, the results suggest that the value of Australian firms and industries have been significantly affected by depreciations in the Australian Dollar against the United States Dollar, that have been brought about by the floating of the exchange rate in 1983. Furthermore, the results in this study support the economic theory that hedging polices adopted by several Australian companies do not improve firm value.